Rapper Young Buck Battles IRS In Chapter 13 Bankruptcy

Rapper Young Buck has successfully convinced the bankruptcy trustee in his Chapter 13 bankruptcy to delay the IRS auction of his possessions worth $25,000.  But the postponement of the auction is only conditional upon Young Buck paying the IRS $13,788.12 to cover the expenses it incurred as a result of the postponement, that he win confirmation of his bankruptcy repayment play by December 7, 2010 and that he be current on his payments to all creditors.  If not, the bankruptcy trustee has said that he will allow the IRS auction to resume.

Rapper Young Buck filed Chapter 13 bankruptcy after the IRS took property from his home for the payment of thousands of dollars in tax debt . At the time the rapper claimed that they IRS took property he needed to continue his music business property belonging to his children. However, the IRS has vehemently denied those claims saying that they did not take property from his children nor do they have any property that he needs to work.

One of the biggest mistakes that debtors make when they owe taxes is that they tend to ignore the problem until the problem is literally knocking at their door.  Debtors need to understand that the IRS has incredible powers to garnish wages and seize assets for even small tax debts.  If a debtor is unable to pay a tax debt they must contact the IRS and let them know.  Many debtors are surprised to find out that the IRS can be very cooperative and offer flexible payment plans as well as deferment periods for debtors who simply don’t have the income to make payments on their debts.